Your method makes sense for my higher rent units, but I'm not sure if it makes sense for lower rent units, which I'm already requiring first, last and security? 

If I have a tenant move in mid month I always collect a full first month's rent at move in (along with the security deposit).

Aside from that, they're usually much safer than an apartment and offer more security.

I have a good paying, secure job making 6 figures and I don't spend much money.

Here's yours: http://www.westmilford.org/Cit-e-Access/webpage.cf...If the land is zoned residential, then you could inquire if it's currently owned (public records search will tell you).

Attractive multifamily acquisitions will be captured by buyers who secure assets that are “right priced” to account for rising interest rates."

tell everybody what you do and ask them if they know anybody who would like to earn 8-10% on their money flly secured by real estate for a short time. 

(A recorded trustee's deed (or similar alternative) confirming the amount paid by the grantee to trustee may be substituted for a settlement statement if a settlement statement was not provided to the purchaser at time of sale.)The preliminary title search or report must confirm that there are no existing liens on the subject property.The sources of funds for the purchase transaction are documented (such as bank statements, personal loan documents, or a HELOC on another property).If the source of funds used to acquire the property was an unsecured loan or a loan secured by an asset other than the subject property (such as a HELOC secured by another property), the settlement statement for the refinance transaction must reflect that all cash-out proceeds be used to pay off or pay down, as applicable, the loan used to purchase the property.

Read up on yours and the tenants rights before you get dragged into court.https://www.state.nj.us/dca/divisions/codes/publications/pdf_lti/t_i_r.pdf

The concern we had is he did not pay a security deposit when he moved in 3 yrs prior.